LOAN APPLICATION INFO

LOAN APPLICATION INFO

MORTGAGE LENDERS

Have These Items Ready When You Apply For a Loan

The following is required for most standardized loans as part of alternate documentation processing. Items may differ according to whether your loan is a conforming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government loan, or a portfolio loan.

These are the things you need to supply to your lender to get a quick approval using alternate documentation:

INCOME ITEMS
  • W2 forms for the last two years
  • Pay stubs covering a 30 day period
  • Federal tax returns (1040s) for the last two years, if:
  • you are self-employed
  • earn more than 25% of your income from commissions or bonuses
  • own rental property
  • or are in a career where you are likely to take non-reimbursed business expenses
  • Year-to-Date Profit and Loss Statement (for self employed)
  • Corporate or partnership tax returns (if applicable)
  • Pension Award letter (for retired individuals)
  • Social Security Award letters (for those on Social Security)
ASSET ITEMS
  • Bank statements for previous two months (sometimes three) on all accounts. All pages.
  • Statements for two months on all stocks, mutual funds, bonds, etc.
  • Copy of most recent 401K statement (or other retirement assets)
  • Explanations for any large deposits and source of those funds
  • Copy of Closing Disclosure (CD) on recent sales of homes
  • Copy of Estimated Closing Disclosure (CD), if a previous home is for sale, but not yet closed
  • Gift letter (if some of the funds come as a gift from a family member)
  • Gifts can also require:
  • Verification of donor’s ability to make the gift (bank statement)
  • Copy of the check used to make the gift
  • Copy of the deposit receipt showing the funds deposited into bank account or escrow
CREDIT ITEMS
  • Landlord’s name, address, and phone number (for verification of rental)
  • Explanations for any of the following items that may appear on your credit report:

-Late payments

-Credit inquiries in the last 90 days

-Charge-offs

-Collections

-Judgments

-Liens

  • Copy of bankruptcy papers if you have filed bankruptcy within the last seven years
OTHER
  • Copy of purchase agreement (if you have already made an offer)
  • To document receipt of child support (if you desire to show it as income)
  • Copy of Divorce Settlement, if applicable, (to show the amount)
  • Copies of twelve months canceled checks to document actual receipt of fund
FHA LOANS
  • Copy of Social Security Card (or other documentation of social security number)
  • Copy of Driver’s license
VA LOANS
  • Copy of DD214
REFINANCES
  • Copy of Note on existing loan
  • Copy of Closing Disclosure (CD), on existing loan
  • Name, address, phone number, loan number of existing loan/lender